https://www.taxtmi.com/caselaws?id=434455 The court dismissed the appeal brought by the revenue department, upholding the decision of ITAT. The judgment emphasized that personal expenses incurred by a company cannot be considered a loan under Section 269SS of the Income Tax Act, preventing double taxation of the same income. Legal precedents cited supported this interpretation, reinforcing that undisclosed income cannot be simultaneously treated as a loan or deposit. The court's decision ensures consistent application of tax laws and affirms that income treated as undisclosed should not be subjected to loan provisions, leading to the dismissal of the appeal. en-us Tue, 31 Jan 2023 00:00:00 +0530 Thu, 23 Feb 2023 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434455 The court dismissed the appeal brought by the revenue department, upholding the decision of ITAT. The judgment emphasized that personal expenses incurred by a company cannot be considered a loan under Section 269SS of the Income Tax Act, preventing double taxation of the same income. Legal precedents cited supported this interpretation, reinforcing that undisclosed income cannot be simultaneously treated as a loan or deposit. The court's decision ensures consistent application of tax laws and affirms that income treated as undisclosed should not be subjected to loan provisions, leading to the dismissal of the appeal. Case-Laws Income Tax Tue, 31 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434455